Local stocks ended with modest losses after a volatile session of trade. The barometer index, the S&P BSE Sensex, fell 67.27 points or 0.19% at 35,808.95, as per the provisional closing data. The Nifty 50 index fell 19.80 points or 0.18% at 10,726.25, as per the provisional closing data.
Domestic stocks edged lower in early trade on negative Asian stocks. Key indices extended fall in morning trade. Fresh selling in index pivotals dragged the key indices lower in mid-morning trade. Indices hit fresh intraday low in early afternoon trade. Key equity indices were trading near day's low in afternoon trade. Local stocks staged a strong recovery in mid-afternoon trade tracking positive opening in European stocks. Recovery continued in late trade.
The S&P BSE Mid-Cap index fell 1.25%. The S&P BSE Small-Cap index fell 0.89%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 920 shares rose and 1604 shares fell. A total of 137 shares were unchanged.
Shares of index heavyweight HDFC dropped 1.24% to Rs 1,877.65
ONGC gained 2.27% to Rs 135.10. The company's net profit rose 64.8% to Rs 8,262.70 crore on 20.4% increase in net sales to Rs 27,694.09 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 14 February 2019.
The company got $66.38 for every barrel of crude oil it sold in the quarter, 13.6% higher than $58.42 per barrel realisation a year ago. Gas prices were 16.3% higher at $3.36 per million British thermal unit. ONGC said total crude oil production dropped 4.8% to 6.036 million tonne, but total gas output rose 6.6% to 6.691 billion cubic metre.
Further, the ONGC board approved a proposal for buyback of its equity shares. Around 25.29 crore equity shares of the company will be bought back at the price of Rs 159 per equity share payable in cash. The total cost of this share buyback will not exceed Rs 4,022 crore, ONGC said in its statement. The process of buyback is likely to be completed in February 2019.
HCL Technologies (HCL) fell 0.39%. HCL announced a collaboration with IBM designed to help advance the hybrid cloud journeys of organizations worldwide. HCL announced new re-platforming and refactoring services to enable enterprises to build and migrate applications to IBM Cloud Private from within the company's HCL Cloud Native Labs. The services will be orchestrated and available from HCL's Cloud Native Labs in London, New York, and Noida, later this year. The announcement was made after market hours yesterday, 14 February 2018.
Siemens fell 3.24%. Siemens said it will transfer its leasehold interest in the property located at Halol, Gujarat to LM Wind Power Blades (India) for Rs 193.50 crore. The proposal is subject to receipt of all requisite statutory and regulatory approvals from the concerned authorities and signing of firm agreements between the company and the proposed assignee in this regard. The announcement was made after market hours yesterday, 14 February 2019.
Nestle India lost 0.86%. The company's net profit rose 9.6% to Rs 341.76 crore on 11.2% increase in net sales to Rs 2,878.83 crore in Q4 December 2018 over Q4 December 2017. The result was announced after market hours yesterday, 14 February 2019.
Total sales increased by 11.2% while domestic sales grew 12% in the December quarter supported by volumes and was broad based, it said. Export sales remained flat due to lower exports to Bangladesh & United Arab Emirates.
Commenting on the results, Suresh Narayanan, chairman and managing director, Nestle India said that the firm has, once again, delivered volume led profitable growth. There was double digit growth in almost all the categories, supported by a step up in demand generating activities including on new products. Brands like Maggi, Nescafe, Kitkat, Munch and Everyday continued to deliver strong performances, he added.
Overseas, European stocks were trading higher while Asian stocks edged lower on Friday as traders awaited the conclusion of U.S.-China talks in Beijing.
Traders are waiting for results of a meeting on Friday between the Trump administration's top two negotiators and Chinese President Xi Jinping in Beijing. There has been no decision to extend a March 1 US deadline for a deal, White House economic adviser Larry Kudlow reportedly said on Thursday.
U.S. stocks closed mostly lower Thursday as disappointment over weak retail sales overshadowed optimism over U.S.-China trade talks, but the Nasdaq eked out gains to rise for a fifth session in a row. U.S. retail sales fell by 1.2% in December, the largest single-month decline since 2009. The U.S. producer-price index fell by 0.1% in January.
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